Since no replies... From what I know it should be a form 4 to a dealer or an individual (in the state he is in now). He needs to use his current address or the approved form will be sent back to a bad address.
I reread your post. Saying the item is in the old state. It kind of leaves it vague. Do you live in the old state?? (have a current address there?) If not why is it not in the new state with you? Illegal there?? I guess it depends on if you still have a residence in the old state or if you take the item and notify the ATF of the items relocation in the new state.
Internet info... so take it for what it is worth.